E-Mini S&P Trading Close to Weekly Lows

Eurostoxx 50 futures are holding on to their recent gains from 4762.00, the Apr 19 low. The contract has breached the 20-day EMA and resistance at 4990.00, the Apr 15 high. This continues to highlight a potentially stronger reversal and the end of the correction between Apr 2 - 19. An extension higher would expose the bull trigger at 5079.00, the Apr 2 high. Key support lies at 4762.00. Initial support to watch is 4877.40, the 50-day EMA. The S/T trend condition in S&P E-Minis remains bearish and the latest recovery appears to have been a correction. The contract has recently traded through the 50-day EMA, signalling scope for a continuation lower. A resumption of the bear leg would open 4907.57, a Fibonacci retracement. Firm resistance at 5132.17, the 20-day EMA, has been pierced, a clear break would signal a reversal and expose key resistance at 5333.50, Apr 1 high.

• Japan's NIKKEI closed lower by 131.61 pts or -0.34% at 38274.05 and the TOPIX ended 13.77 pts lower or -0.5% at 2729.4.
• Dow Jones mini down 43 pts or -0.11% at 37950, S&P 500 mini down 15 pts or -0.3% at 5052, NASDAQ mini down 101.25 pts or -0.58% at 17469.75.